Accident: An event or occurrence which is unforeseen and unintended.

Assistance services: This cover provides roadside assistance at the time of emergency like, on spot repair services for minor breakdown, relocation to garage in case of major breakdown, changing flat tyre, assistance in case of lockout/ loss of key, emergency fuel, transport assistance to passengers to the nearest safe location.

Classic cars: Any car manufactured after 31-12-1940, but before 31-12-1970, is considered as a Classic Car by the Vintage and Classic Car Club of India.

Comprehensive Motor Insurance: Comprehensive Motor insurance covers natural and manmade calamities, such as lightning, floods, and so on, third party legal liability, collision and personal accidents. It doesn't cover normal wear and tear, depreciation etc.

Cover Note: A cover note is a temporary insurance's certificate that is issued by the Insurer before the issuance of a policy after the Insured has given a duly filled in proposal form and has paid the premium in full.

Coverage: The scope of protection provided under a contract of insurance; any of several risks covered by a policy.

Deductible: This is the amount that customer have to bear at the time of claim. This amount in first deducted from the total assessed payable claims amount and then the insurance company’s liability is determined.

Depreciation: A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss.

Endorsements: An endorsement is a written evidence of an agreed change in the policy. It is a document that incorporates changes in the terms of the policy. This document is an attachment to an already existing document. An endorsement might or might not have an impact on premium.

General Insurance: General insurance or non-life insurance policies provide payments depending on the loss from a particular financial event. 

Hospital cash: This cover provides a sort of allowance per insured for per day of hospitalization caused due to injury caused by accident while travelling in insured car.

IDV: All vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff.

Motor Policy Schedule: Includes details of insured / vehicle, effective date of policy, limitations as to use, Drivers clause, Premium computation table with endorsements, limits of liability.

No Claim Bonus (NCB): It is discount on Own Damage Premium. An insured becomes entitled to NCB only at the renewal of a policy after the expiry of the full duration of 12 month, if there is no claim made or pending in the policy.

Own Damage Claims: Claims for accidental damages

Owner Driver: The owner of insured vehicle holding an effective Driving License is termed as an Owner Driver.

PA Claims: Personal accident claims for injury / death

Partial Disability : The result of an illness or injury which prevents an insured from performing one or more of the functions of his/her regular job.

Private Car: Includes vehicles which are used for social, domestic & pleasure purpose & also for professional purposes (excluding the carriage of goods other than samples, goods) by an individual but not for any purposes in connection with Motor Trade.

Proposal form: Proposal form is the most basic requirement for the functioning of the General insurance contract between you and the General insurance company. A proposal form seeks basic information of the proposer and the life assured. This includes the name, age, address, education and employment details of the proposer.

Renewal: Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term.

Sum insured: Is the value of asset for which asset has been insured. It is the highest amount that will be paid by insurer under insurance policy.

Third Party Claims: Claims for third party losses (death, injury & property damages)

Third Party Property Damage: Third Party Property Damage Car Insurance covers you for damage caused by your car to property owned by a third party in the event of an accident.

Total Theft Claims: Claims for stolen Vehicles

Two wheeler: Includes Motorized two wheelers which are used for social, domestic & pleasure purpose & also for professional purposes (excluding the carriage of goods other than samples, goods) by an individual but not for any purposes in connection with Motor Trade.

Vintage car: Any car manufactured prior to 31-12-1940 and duly certified by the Vintage and Classic Car Club of India can be considered a Vintage car.

Zero Depreciation: Under this cover, customer is covered for cost of depreciation on parts which otherwise gets deducted from claim settlement amount and has to be borne personally by customer. This cover is only for partial losses.